Havila Shipping (HAVI) Q4 2024 earnings summary

Executive summary

• Freight revenues in Q4 2024 were NOK 148.0 million, flat year-over-year and up NOK 7.1 million sequentially; fleet utilization was 92% in Q4 2024.

• Operating income before depreciation (EBITDA) for Q4 2024 was NOK 68.2 million, down from NOK 72.9 million in Q4 2023.

• Profit before tax in Q4 2024 was NOK 2.6 million, a turnaround from a loss of NOK 28.7 million in Q4 2023.

• For 2024, total operating income was NOK 585.1 million (NOK 912.2 million in 2023, which included NOK 215 million gain on asset sales).

• Major debt restructuring and equity conversion completed at year-end, significantly altering the capital structure.

Financial highlights

• Q4 2024 total operating income: NOK 155.9 million (NOK 162.2 million in Q4 2023).

• Q4 2024 operating expenses: NOK 87.7 million (NOK 89.3 million in Q4 2023).

• Q4 2024 depreciation: NOK 39.0 million (NOK 24.2 million in Q4 2023).

• Q4 2024 net financial items: NOK -23.4 million (NOK -478.8 million in Q4 2023, which included large value adjustment of debt).

• 2024 net cash flow from operations: NOK 229.6 million (NOK 95.8 million in 2023).

Outlook and guidance

• All vessels are under contract as of 31/12/24; no new contracts signed in Q4, but one subsea vessel bareboat contract extended by 3 months.

• Non-interest-bearing debt to be serviced through 2025; further debt reduction expected based on vessel earnings.

• Shareholder dilution expected in 2025 due to lender conversion rights; maximum new shares to be issued could reach 571.7 million.